Petrol, diesel prices hiked again on Monday

Devin Lawrence
September 10, 2018

Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels.

The all-India anti-fuel price hike shutdown got under way in different parts of Maharashtra with all parties, barring the ruling Bharatiya Janata Party and the Shiv Sena, joining in wholeheartedly.

Senior party leader Dilip Pandey said unrest against Narendra Modi-led government is growing and the opposition can not remain silent to the plight of common man affected by issues like fuel price hike, corruption and unemployment.

Meanwhile, the increase pushed the petrol price in Delhi to Rs 80.38 per litre. One factor, the high level of taxes on the retail price, is a fiscal choice.

According to oil companies, petrol at refinery gate costs around Rs 40.50 a litre and diesel Rs 43. That it is unpopular is evident by the Rajasthan government's decision, ahead of an assembly election, to reduce local taxes on petrol and diesel.

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Andhra Pradesh Chief Minister Chandrababu Naidu announced a cut in state taxes on fuel. Two of them, rising price of crude oil and depreciation in the value of the rupee against the United States dollar, are beyond the control of government.

Mumbai has the highest Value-Added Tax of 39.12 per cent on petrol, while Telangana levies the highest Value-Added Tax of 26 per cent on diesel.

"Since the Central Government is not responding on petrol prices, Naidu is doing exercise to give relief to public", TDP sources said.

Petrol prices were increased to Rs 88.12, Rs 83.61 and Rs 83.91 per litre in Mumbai, Kolkata and Chennai respectively on Monday. This led to its excise collections from petro goods more than doubling in the last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18.

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